Dublin, July 09, 2021 (GLOBE NEWSWIRE) -- The "Conveyor Systems Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The conveyor systems market is expected to grow at a compound annual growth rate of 3.83% over the forecast period to reach a market size of US$10.069 billion in 2026 from US$7.741 billion in 2019.
Conveyor systems are mechanical equipment that finds application in several industries including automotive, manufacturing, retail, food and beverage, and transportation. Conveyors are used to reducing errors that occur while manually handling materials and to save time. Owing to constant changes in industrial demands in terms of expected efficiency and product characteristics multiple conveyor systems have been developed. Major conveyor types include belt, roller, overhead conveyors, tri-planar, crescent conveyor, pallet and sorter conveyor, and spiral conveyors, among others. Newer types of conveyor products being offered in the conveyor systems market have helped in simplifying and improving operations across different industries. An increasing trend in the market is toward the use of companies offering a combination of basic conveyor types that are assembled into a single conveyor system. This is offered as a kind of customized solution depending upon the needs of the customer. Today, different industries are adopting quality standards supporting the use of conveyors.
Growth Factors
- Explosive growth of e-commerce and Industry 4.0
E-commerce and industry 4.0 are transforming traditional supply chains, compelling companies to change the way they move, track, and store material by using advanced technologies and automation. Manufacturers, wholesalers, retailers, and logistics companies are establishing fulfillment centers and utilizing all available warehouse space. The demand for intelligent mechanical handling equipment is fueled by the need for automating the complete manufacturing process. Moreover, to optimize warehouse space utilization and to stay profitable, retailers currently are increasingly adopting automated warehousing and distribution solutions. The retail sector utilizes these conveyor systems for distribution and warehousing operations, sorting, and cross-docking. Growth in shopping through the online channel in the Asia-Pacific and LAMEA regions has created a conducive market environment. The increasing usage of online retailing, coupled with changing consumer behavior toward goods purchasing, is likely to have a positive impact on the adoption of conveyor and sortation systems. In addition, many companies already invested in the sortation facility, are expected to increase their capacity, owing to the rising demand. For instance, UPS in September 2018, announced to expand their sortation capacity to reach over 25% increase in cross-border orders by 2022.
Restraints
- Increasing usage of automated guided vehicles and robotics
An increasingly highly competitive environment across all industries is leading to companies constantly looking for process optimization, which in turn has increased the demand for the automation of industrial facilities. The industry has witnessed various ongoing advancements in automation. These can help in meeting requirements related to material handling capacities, resulting in reduced production time, fewer chances of human error, increased safety, high production volume, and increased accuracy and repeatability. Due to such benefits, an increasing number of companies are adopting such technologies for material handling processes. According to the International Federation of Robotics (IFR), in 2020, ~2.7 million robots worked in factories around the globe. Large-scale adoption of industrial robots may impact the conveyor system market negatively. However, the impact is expected to be limited because of the high cost of automated guided vehicles.
Impact of COVID - 19
The COVID-19 pandemic that has severely affected numerous countries across the globe has adversely affected the overall sensor, control, and automation industry as well. While the capital investments in the automation sector have been lethargic before the pandemic, they are expected to be put on hold or postponed for at least a year. However, the recent standstill in industrial manufacturing and production is anticipated to act as a wake-up call for the manufacturing sector on its reliance on human labor. This, in turn, is expected to highlight the advantages of robotics and automation helping a greater adoption in the post-pandemic period. As IoT, industrial automation, and digitalization are expected to become increasingly relevant to post-pandemic Tier 1 manufacturers, it may eventually turn into an opportunity especially in evolving supply chains. The report will account for Covid19 as a key market contributor.
Key Topics Covered:
1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Conveyor Systems Market Analysis, By Product Type
5.1. Gravity Conveyor
5.2. Belt Conveyor
5.3. Pallet Conveyor
5.4. Overhead Conveyor
5.5. Powered Roller Conveyor
5.6. Others
6. Conveyor Systems Market Analysis, By Industry Vertical
6.1. Manufacturing
6.2. Healthcare
6.3. Chemical
6.4. Paper
6.5. Food and Beverage
6.6. Warehousing
6.7. Others
7. Conveyor Systems Market Analysis, By Geography
7.1. North America
7.1.1. United States
7.1.2. Canada
7.1.3. Mexico
7.2. South America
7.2.1. Brazil
7.2.2. Argentina
7.2.3. Others
7.3. Europe
7.3.1. Germany
7.3.2. France
7.3.3. United Kingdom
7.3.4. Spain
7.3.5. Others
7.4. The Middle East and Africa
7.4.1. Saudi Arabia
7.4.2. UAE
7.4.3. Others
7.5. Asia Pacific
7.5.1. China
7.5.2. Japan
7.5.3. South Korea
7.5.4. India
7.5.5. Thailand
7.5.6. Indonesia
7.5.7. Taiwan
7.5.8. Others
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Siemens AG
9.2. DEMATIC
9.3. BEUMER Group
9.4. Murata Machinery Ltd.
9.5. Liebherr Group
9.6. Mecalux SA
9.7. SSI Schaefer AG
9.8. Honeywell Intelligrated Inc.
9.9. Daifuku Co. Ltd
9.10. Titan Conveyors
For more information about this report visit https://www.researchandmarkets.com/r/vwmrr3